Italian solar fund Tages Helios raises another €43 million


Italy-based asset management and banking company Tages Group announced that its solar fund Tages Helios has raised €43 million in its fourth and final financing round.

Overall, the company has reached an aggregate amount of €250 million through its four rounds. Tages said that around 75% of funds come from insurance companies, while 10% is represented by investments made by pension funds. The remaining funds were provided by banks (3%), qualified private investors (3%), and the company’s management (2%).

Among the new investors, Tages names the asset management company Aviva and Equiter, a joint venture between Italy-based Compagnia di San Paolo, Fondazione CRT and Intesa Sanpaolo.

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In the third financing round, which was closed in early May, Tages had raised €53 million. At the time, existing investors were joined by foundation Fondazione Cariplo and Italian insurance company Eurovita.

Tages Helios, which is Italy’s third largest PV fund, has a PV plant portfolio in the country comprising 60 plants with a combined capacity of 157 MW. All of these PV plants were acquired in August 2016, when the fund acquired through two different operations the Italian solar park portfolio of 9Ren (56 MW) and SunReserve (101 MW). The first transaction included investors such as Banca IMI, BNP Paribas – Italian Branch, Intesa SanPaolo, Natixis SA – Milan Branch, and UniCredit. The second operation was financed by large insurance companies such as Generali, Intesa Vita and Unipol, as well as other Italian investors including Cassa  Forense, Monte dei Paschi di Siena Pension Fund, Banca Consulia and Banca Patrimoni Sella.

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